Kuala Lumpur based property portal giant PropertyGuru has received a tranche of some 300M Singapore Dollars in funding from two existing investors (TPG Capital and KKR) as it continues its growth in a region with ever-increasing internet penetration and tech literacy. PropertyGuru owns and operates eponymous property portals in Malaysia and Singapore as well as Batdongsan.com.vn in Vietnam DDproperty.com in Thailand, and Rumah.com and RumahDijual.com in Indonesia.
Speaking about the funding and his company’s commitment to technology as a growth strategy, CEO and MD Hari V. Krishnan said:
“Our strong financial performance over the last few years has enabled us to invest aggressively and smartly, to build what is today an integrated and differentiated technology platform that caters to the unique opportunities in Southeast Asian markets.”
“The additional investments from TPG and KKR will enable us to continue building Southeast Asia’s property trust platform and accelerate our momentum in key markets like Malaysia and Vietnam. We help property seekers ‘Find.Finance.Own’ their home and these new investments will accelerate the growth plans we have identified as more consumers and customers move towards digital solutions for property buying and selling. Over the last thirteen years we helped create the PropTech industry in this region, and as the market leader we look forward to providing further innovations to digitize the property sector.”
The two venture capital funds have seen fit to invest more in the Asian property portal company after it reported 24% y-o-y revenue growth back in May. The company has also recently expanded its offerings to include a mortgage marketplace in Singapore as well as adding tech capabilities to its FastKey program allowing developers to market properties through VR and 360° walkthroughs much earlier than before and digitizing the sales process.